Mr Adegboyega Oyetola, the Marine and Blue Economy Minister, said it is implementing a plan strategy that will increase its revenue generation to N2 trillion per annum by 2027.

He revealed this at the ongoing ministerial briefing in Abuja on Tuesday.

He outlined a three-pronged approach designed to maximise revenue generation and efficiency.

The strategy aims to double the current revenue generation within the next three years through a combination of blocking revenue leakages, enhancing revenue from established sources, and identifying new revenue streams.

The minister said its first focus was to eliminate inefficiencies in revenue collection.

He stressed that his focus was “automation of revenue collection processes to eliminate bottlenecks and enhance transparency and accountability. Deploying revenue assurance technologies to ensure accurate and complete billings in line with established contracts and services rendered.

He added, “These technologies will help us align billings with established contracts and services rendered, ensuring no revenue slips through the cracks.”

The minister pointed out the second point of the strategy which involves optimising the use of existing assets and resources. He stressed that the ministry was commissioning revenue enhancement studies that would focus on its various departments and agencies.

The government is committed to ensuring the efficient utilisation of the nation’s assets through concessions and other public-private partnerships, he stated.

He listed the priority areas as “ansuring the efficient utilisation of existing assets through concessions to the private sector and public-private partnerships as required, investment promotion campaigns targeting both domestic and international investors for investments in the marine and blue economy sub-sectors.”